Harvard University

Assume the following total cost schedule for a perfectly competitive firm. Output TVC TFC 0  0 120 1  50 120 2  76 120 3 96 120 4 120 120 5 260 120 6 370 120 TABLE 9-2 Refer to Table 9-2. The profit-maximizing firm would shut down in the short run if the market price of its output dropped below Question 22 options: $50. $70. $120. $40. $30.

Consider a monopolist that is able to distinguish between two distinct market segments, A and B, for its product. Marginal cost is constant at $109 for each unit produced. The firm is currently selling its output at a single price and allocating its output across segments such that marginal revenue in segment A is $97 and marginal revenue in segment B is $119. How can this firm maximize its profit? Question 19 options: maintain the current output and its allocation across segments increase the output in segment A and decrease the output in segment B decrease the output in segments A and B decrease the output in segment A and increase the output in segment B increase the output in segments A and B

Suppose that in a perfectly competitive industry, the market price of the product is $15. Firm XYZ is producing the Q=1500units.  Average total cost equals marginal cost, both of which are $11. To maximize its profits, Firm XYZ should Question 12 options: change the price of the product. expand its output. leave its output unchanged. increase its advertising. reduce its output.

Suppose that in a perfectly competitive industry, the market price of the product is $12. Firm A is producing the output level at which average total cost equals marginal cost, both of which are $10. To maximize its profits, Firm A should A) reduce its output. B) expand its output. C) leave its output unchanged. D) increase its advertising. Suppose that in a perfectly competitive industry, the market price of the product is $12. Firm A is producing the output level at which average total cost equals marginal cost, both of which are $10. To maximize its profits, Firm A should A) reduce its output. B) expand its output. C) leave its output unchanged. D) increase its advertising. E) change the price of the product.

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True or False:  The series from k=0 to infinity (-2x^2)^k converges on the interval -1/2 < x < 1/2